The Canadian cryptocurrency exchange Bitvo has terminated its expected acquisition agreement with FTX to continue operating independently.
Bitvo’s shareholder, Pateno Payments, has discontinued the acquisition deal with FTX Canada and FTX Trading in accordance with the agreement terms, Bitvo announced on Nov. 15.
The firm emphasized that its operations have not been affected as Bitvo has no material exposure to FTX or any of its affiliated entities. Bitvo trading operations, including withdrawals and deposits, are intact.
Bitvo also stressed that it’s not party to the bankruptcy proceedings entered into by FTX and its affiliated entities. Bitvo has also never owned, listed or traded the FTX Token (FTT) or “any similar token,” the announcement notes.
“Since inception, Bitvo has operated as an independent, Canadian crypto asset trading platform,” the company stated, adding that the platform has not been offering lending or borrowing services:
“Bitvo operates on a full reserve basis, meaning it does not lend customer funds. Bitvo has always chosen to operate in this fashion, and it is a requirement of Bitvo’s regulatory status as a Restricted Dealer registered with the Canadian Securities Administrators […].”
As previously reported by Cointelegraph, the troubled cryptocurrency exchange FTX entered into an agreement to purchase…
